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Monday, November 7, 2016

OFWs in South Korea to benefit from minimum wage hike

Thousands of Filipino workers are expected to benefit when South Korea increases its minimum wage rate next year by 7.3 percent.

According to the Department of the Labor and Employment, starting next year, the new minimum wage rate in South Korea will be KRW 6,470 (P268.73) per hour, up from the current KRW 6,030 (P250.46) per hour.

The adjustment was approved by South Korea's Ministry of Employment and Labor (MOEL), according to Welfare Officer Manuela Peña.

There are at least 24,000 OFWs in South Korea, according to government estimate.

In her report to Labor and Employment Secretary Silvestre H. Bello III, Peña said South Korea-based Filipino workers in both small and medium manufacturing industries employed under the Employment Permit System (EPS) shall be covered by the new base rate.

The minimum wage, as defined in Korea’s Labor Standards Act, covers all employees, regardless of their employment status, whether temporary, daily or part-time employees; or nationality, including foreign workers.

The new minimum wage translates to KRW 51,760 (P2,149.87) per day on an eight-hour working day, or KRW 258,800 (P10,749.34) on five working days. This is equivalent to KRW 1,352,230 (P56,165.28) per month.

The South Korean government, through its Labor Standards Policy Department, shall closely monitor the employment conditions, support employment, and supervise the worksites to ensure that the new minimum wage is enforced. —KBK, GMA News